John Barton, chairman of fashion giant Next, has retired from the business.

He is being replaced by former Bunzl chief executive Michael Roney.

Mr Barton, who is 73 this month, joined the Next board in 2002, becoming deputy chairman in 2004 and chairman in 2006.

He left the Enderby-based high street retailer on August 1.

In a statement earlier this year, Next said: “John has made an outstanding contribution to the company over the last 15 years and his leadership, experience and wise counsel have been tremendously valuable over that time.

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Mr Roney, 63, was chief executive of FTSE 100 distribution and outsourcing business Bunzl from 2005 until his retirement last April.

He is currently non-executive chairman of £2 billion turnover building materials business Grafton Group and a non-executive director of US-owned wine and spirits business Brown-Forman Corporation.

Prior to joining Bunzl he was chief executive of Goodyear Dunlop Tires Europe having previously been president of Goodyear's Eastern European, African and Middle Eastern businesses.

He was also formerly a non-executive director of UK chemicals and sustainable technologies company Johnson Matthey.

John Barton, chairman of fashion giant Next, has retired from the business

Up until 2015, Mr Barton oversaw a decade of strong growth at Next, with shares rising steadily from around £17 to a high of £80 in October 2015, coinciding with years of record profits.

However, since late 2015 the share value has tumbled – hovering around the £40 mark for much of the year – amid warnings of a drop in consumer confidence.

Mr Barton took over as non-executive chairman from David Jones in 2006. As chief executive in the early 1990s, his predecessor became the darling of the City when he saved Next from collapse after it over-expanded under its founder George Davies.

He previously served as the chief executive of insurance brokerage JIB Group and chairman of Cable and Wireless Worldwide, Catlin Group, Jardine Lloyd Thompson Group, Wellington Underwriting and Brit Insurance Holdings.

He was also a non-executive director of WH Smith, and of Hammerson, owner of the Highcross shopping centre in Leicester.